Fannie Mae helping Florida’s condo market
Due to Florida’s great weather, abundance of beautiful coastal properties, it’s livability for residents, and attraction to retirees and vacationers, Florida has always had more condominiums than almost every other state in the country. Unfortunately, in the recent downturn, what’s considered a plus by many has become caught up in the economic turmoil like everything else. Fannie Mae has finally recognized that fact and is now offering more attention to condominiums in Florida and is looking to add a “special approval” to aid the market.
“Our state is probably the hardest hit as far as the condo market is concerned, and Fannie Mae’s new effort to take a closer look at project eligibility could go a long way to putting projects back on a healthy financial track,” says Moe Veissi, National Association of Realtors® First Vice President.
Adds Karen Pallotta, Executive Vice President, Fannie Mae, “This new initiative is geared toward providing maximum support for Florida’s distressed condo market as we continue to provide liquidity to the housing market more broadly.”
Good news for Florida condo buyers and sellers! Go read the whole article about how Fannie Mae is helping the Florida condo market.
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